TOKYO/HONG KONG -- Cathay Pacific Airways on Tuesday confirmed it is negotiating to acquire budget carrier Hong Kong Express Airways from troubled Chinese conglomerate HNA Group.
The major Hong Kong-listed airline acknowledged news reports regarding the talks -- a story broken by Bloomberg last month. Cathay said it "is in active discussions about an acquisition involving HKE." It is Cathay's first sign of interest in the budget segment, and comes amid increasingly fierce competition and growing demand in Asia for cheaper travel options.
